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Company Background

L&T Finance Limited is a non-banking financial institution-core investment company. The Company’s segments include Retail and Mid Market Finance, which consists of rural products finance, personal vehicle finance, micro finance, housing finance, commercial vehicle finance, construction equipment finance, loans and leases and loan against shares; Wholesale Finance, which consists of project finance and non-project corporate finance to infra and non-infra segments across power-thermal and renewable; transportation-roads, ports and airports; telecom, and other non-infra segments; Investment Management, which consists of assets management of mutual fund and private equity fund, and Other Business, which consists of wealth management and financial product distribution. It offers a range of financial products and services across retail, corporate, housing and infrastructure finance sectors, as well as mutual fund products and investment management services.

Issue Details

Issue opens April 8, 2019
Issue closes CLOSED on 9 April 2019
Allotment First Come First Serve Basis
Face Value Rs. 1000 per NCD
Issue Price Rs. 1000 per NCD
Nature of Instrument Secured Redeemable Non-Convertible Debentures
Minimum Application Rs.10,000 (10 NCD)
Registrar Link Intime India Pvt. Ltd.
Listing BSE/NSE
Rating [ICRA] AAA with Stable Outlook, CARE AAA with Stable Outlook and IND AAA
with Stable Outlook
Issue Size Rs. 500 Crs Option to retain Oversubscription amount: Rs. 500 Crs
Tranche 2 Issue Size: Rs. 1000 Crs

Effective Yield

Series Frequency
of Interest
Payment
Tenor Coupon
(% per
annum)
for NCD
Holders
in
Category
I & II
Coupon (%
per
annum)for
NCD
Holders in
Category
III & IV
Effective
Yield (%
per
annum)
for NCD
Holders
in
Category
I & II
Effective
Yield (%
per
annum)
for NCD
Holders
in
Category
III & IV
Amount (Rs/
NCD) on
Maturity for
NCD
Holders in
Category I &
II
Amount (Rs/
NCD) on
Maturity for
NCD
Holders in
Category III
& IV
I Annual 3 years 8.70% 8.90% 8.69% 8.89% Rs.1,000.00 Rs.1,000.00
II NA 3 years NA NA 8.70% 8.90% Rs.1,284.66 Rs.1,291.77
III Annual 5 years 8.80% 9.00% 8.79% 8.99% Rs.1,000.00 Rs.1,000.00
IV Monthly 5 years 8.48% 8.66% 8.81% 9.00% Rs.1,000.00 Rs.1,000.00
V NA 5 years NA NA 8.80% 9.00% Rs.1,525.27 Rs.1,539.36
VI Annual 8 years 8.85% 9.05% 8.84% 9.04% Rs.1,000.00 Rs.1,000.00
VII Monthly 8 years 8.52% 8.70% 8.86% 9.05% Rs.1,000.00 Rs.1,000.00

Issue Break Up

Category Allocation Amount in Crs.
Base Issue Total Issue
QIB 10% 50 100
Corporate 10% 50 100
HNI 35% 175 350
Retail 45% 225 450
Total 100% 500 1000
  • Note – * Persons resident outside India and other foreign entities are not allowed
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